IT IS difficult to appreciate how tremendously complex and varied
were Perkins's activities during the years of his association with
Morgan. The reader must keep in mind, for example, that during
those hectic negotiations with the harvester manufacturers in the
summer of 1902, Perkins was also active in the inner circle of the
steel corporation and skirmishing with several groups of stock-
holders who were trying to defeat his bond conversion scheme in
the courts. He was debating with steel company lawyers as to what
sort of information they should place in their briefs and fighting
to maintain the price of Steel preferred and Steel common on the
Exchange against the attacks of "bears" who were trying to dis-
credit the plan by depressing the value of Steel stocks. ¹ Remember,
too, that he was still the most influential executive in the New
York Life Insurance Company, and involved in the work of the
Palisades Park Commission. He was also, at that time, engaged in
a battle of wits with John W. "Bet-you-a-million" Gates. The re-
sult of this struggle was certainly not defeat for Gates, who
emerged from it richer by several millions of dollars. But Perkins
managed to check Gates's ambitious plans and work out a program
that satisfied the several conflicting interests involved.

This particular episode began in April, 1902, shortly after
Morgan departed on the Oceanic for his annual trip to Europe,
leaving Perkins and Charles Steele in charge of "the shop." Even
before the Oceanic had deposited its distinguished passenger in
England, Perkins and Steele were battling a nasty crisis on the
stock market. Someone was buying huge quantities of the stock of
the Louisville and Nashville Railroad, probably seeking to wrest
control of the line from the current management, which was

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